LEXINGTON, Massachusetts, November 20, 2012 -- /PRNewswire/ -- Shire plc (LSE: SHP, NASDAQ: SHPG) and Boston Children's Hospital today announced a three-year, broad research collaboration in rare diseases. The goal of the collaboration is to develop novel therapies to treat a number of rare pediatric diseases with high unmet medical need, thereby leveraging Boston Children's research expertise and Shire's development and commercialization capabilities. The partnership underscores Shire's long-term commitment to bring innovative therapies to patients with rare diseases worldwide.

Under the terms of the agreement, Shire will make an initial upfront payment to Boston Children's and will have the opportunity to fund selected research programs. The emphasis will be on opportunities that have the potential to deliver a development candidate in less than three years from project initiation. Following the completion of these programs, Shire will have an exclusive option to enter into a licensing agreement for each program. Upon entering into any subsequent licensing agreement, Boston Children's will be eligible to receive certain development and commercial milestone payments, as well as royalties on product sales from Shire. Shire will have the primary responsibility for any further clinical development and commercialization of products arising from the collaboration. The agreement, negotiated on the Boston Children's side by its Technology & Innovation Development Office, represents a flexible structure that aligns the parties according to their strengths.

"As a leader in rare diseases, Shire is pleased to enter into this innovative collaboration with Boston Children's, which joins together leaders in academia and industry to advance pioneering research from the lab to the clinic," said Dr. Philip J. Vickers, Global Head of Research and Development, Shire HGT. "Shire has a deep commitment to patients with rare diseases, and our developmental expertise combined with Boston Children's research capabilities should enable an acceleration of our discovery and development efforts. Our collaboration with Boston Children's is an ideal example of how we advance these goals."

"We are excited about the potential that the collaboration with Shire represents," said Dr. Alan Beggs, Director of the Manton Center for Orphan Disease Research at Boston Children's. "Boston Children's brings the research infrastructure to make the foundational discoveries about these diseases and our clinicians know the patients and their needs. Partnering with Shire's drug development capabilities represents a powerful combination that we hope will facilitate the development of new classes of therapy to ultimately benefit patients."

Shire enables people with life-altering conditions to lead better lives.

Through our deep understanding of patients' needs, we develop and provide healthcare in the areas of:

Behavioral Health and Gastro Intestinal conditions

Rare Diseases

Regenerative Medicine

as well as other symptomatic conditions treated by specialist physicians.

We aspire to imagine and lead the future of healthcare, creating value for patients, physicians, policymakers, payors and our shareholders.

About Boston Children's Hospital

Founded in 1869 as a 20-bed hospital for children, Boston Children's Hospital has been ranked as one of the nation's best pediatric hospitals by U.S.News & World Report for the past 21 years. Boston Children's is the primary pediatric teaching hospital of Harvard Medical School and the largest provider of health care to Massachusetts children. In addition to 396 pediatric and adolescent inpatient beds and 228 outpatient programs, Boston Children's houses the world's largest research enterprise based at a pediatric medical center, where its discoveries benefit both children and adults. More than 1,100 scientists, including nine members of the National Academy of Sciences, 11 members of the Institute of Medicine and nine members of the Howard Hughes Medical Institute comprise Boston Children's research community. For more information about the hospital visit: http://www.childrenshospital.org/newsroom.

Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, the Company's results could be materially adversely affected. The risks and uncertainties include, but are not limited to, risks associated with: the inherent uncertainty of research, development, approval, reimbursement, manufacturing and commercialization of the Company's Specialty Pharmaceuticals, Human Genetic Therapies and Regenerative Medicine products, as well as the ability to secure new products for commercialization and/or development; government regulation of the Company's products; the Company's ability to manufacture its products in sufficient quantities to meet demand; the impact of competitive therapies on the Company's products; the Company's ability to register, maintain and enforce patents and other intellectual property rights relating to its products; the Company's ability to obtain and maintain government and other third-party reimbursement for its products; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission.